Several organizations that offer loans have websites. These websites, therefore, require a calculator that will allow borrowers to calculate their loans. The following are some of the loan calculator widget by Calconic.
Balloon loan calculator
Balloon loans are shorter loans that have a term of three to five years. A balloon loan calculator is an excellent option for several borrowers. At the end of the loan period, debtors need to pay the loans plus their interest. The calculator is therefore used to calculate the loans interests using the prevailing interest rates.
Formula
The user supplies the loan amount, interest rates and the duration of the loan. In addition, an initial deposit and is fed into the calculator
((Loan Amount – Initial Deposit) – Balloon Payment at the End / (1 + Interest Rate (%)/100/12) ^ Months) *(Interest Rate (%)/100/12/ (1-(1 + Interest Rate (%)/100/12) ^ (- Months)))
In simplified form:
Monthly payment = [Present Value – Balloon Amt / (1+r) ^ n] * [r / 1 – (1+r) ^ (-n)]
Where:
r – Rate per month
n – The number of months
This calculator determines the monthly payment and the total balloon payment that will be made at the end of the balloon loan.
The balloon loan calculator allows consumers or buyers to opt for the shortest payment periods rather than taking a longer period to repay.
Also, buyers save money in case they pay more up front (deposits and finance charges)
Car Loan Calculator
Several car owners do not know how to structure out their car financial deals. Well, with this loan calculator, such owners do not need to worry anymore. The calculator makes it easier to determine and work out the favorable deal that suits each car owner. The loan calculator will enable you to find a vehicle that fits your budget allocation and therefore negotiate for the best available deal.
This calculator helps in planning for the purchasing of the car hence making it less complicated for car financing
The loan, however, doesn’t account for things like documentation fee, registration fee, port charges, and taxes.
Loan formula
MONTHLY PAYMENT = ((Interest Rate /100/12) + (Interest Rate /100/12)/ ((1+ (Interest Rate /100/12)) ^ Months -1))*(Vehicle Value – Initial Deposit)
To calculate your car financial deal structure, then the car loan calculator by Calconic is your true companion.
Compound Interest Calculator
Several people opt to save their money using compound interest terms. The compound interest calculator, therefore, helps these group of people in estimating how much money they will be able to save after a particular period with a certain amount of deposit.
The calculator enables investors to foresee the anticipated final interest when the period is over.
Formula
TOTAL COMPOUNDED INTEREST:
Initial Investment Amount * (1 + (Annual Interest Rate / 100 / 12)) ^ Number of months the money is invested – Initial Investment Amount
THE FUTURE VALUE OF THE INVESTMENT:
Initial Investment Amount * (1 + (Annual Interest Rate / 100 / 12))
Simplified:
Compounded Interest = [Initial Investment * (1+ r) ^ n] – Initial Investment
Future Value of Investment = Initial Investment * (1+ r) ^ n
r – Rate per period
n – The number of periods
With this calculator, it is easier to predict future investments. For these and other loan calculators, think of nowhere but Calconic. Get a good loan calculator widget by Calconic by visiting their website.
